At a glance
International Flavors & Fragrances Inc is worth $24.14B. Revenue fell 5.2% to $10.89B in fiscal 2025, at a loss; over 5 years it has grown 16.5% a year. It pays a 1.69% dividend yield, and returned $3.26B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +53.6% over the past year with dividends reinvested and −5.6% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 29.8% in the 2020 crash (S&P 500: 33.7%) and 42.1% in the 2022 bear market (S&P 500: 24.5%).
The business in plain English
International Flavors & Fragrances (IFF) makes the flavors, scents and specialty ingredients that other companies put into their own products. Its customers are manufacturers of dairy, meat, drinks, snacks, baked goods, soaps and detergents, perfumes, personal care items, dietary supplements, animal nutrition products and biofuels. IFF makes money by developing formulas and then producing and selling them. It keeps most of those formulas as trade secrets. Sales were $10.89 billion in 2025, and no single customer made up 10% or more of that total.
Food Ingredients was the largest segment in 2025, at 30.1% of sales. It sells soy and pea proteins, emulsifiers, sweeteners and natural preservatives. Taste (22.8%) makes flavor compounds for savory foods, drinks, sweets and dairy. Scent (22.8%) creates fragrances for perfumes and for laundry, home and body care products. Health & Biosciences (21%) supplies enzymes, food cultures and probiotics made with biotechnology. Its customers use them in products ranging from yogurt and supplements to detergents, animal feed and ethanol. Pharma Solutions made up 3.4% of 2025 sales and was sold in May 2025.
Sales come from around the world. Europe, the Middle East and Africa (EMEA) supplied 34.2% of 2025 sales, North America 29.3%, Asia 23.4% and Latin America 13.1%. The U.S. alone was about 28%. IFF runs about 170 factories, creative centers and labs in about 30 countries.
Price history
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IFF +53.6% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By business segment
| Food Ingredients | $3.28B | 30.1% |
| Taste | $2.48B | 22.8% |
| Scent | $2.48B | 22.8% |
| Health & Biosciences | $2.28B | 21% |
| Pharma Solutions | $369.0M | 3.4% |
By geography
| EMEA | $3.73B | 34.2% |
| North America | $3.19B | 29.3% |
| Asia | $2.55B | 23.4% |
| Latin America | $1.42B | 13.1% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $1.95B, up 1.8% from a year earlier, and net income was $50.0M (-91.7%).
- For fiscal 2025, revenue was $10.89B (-5.2% year over year; +16.5% a year from FY2020 to FY2025) with a -3.3% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +16.5% good |
|---|---|
| Operating margin | -3.5% weak |
| Free cash flow margin | 2.4% watch |
| Return on equity (FY2025) | -2.6% weak |
| Return on assets (FY2025) | -1.4% weak |
| Net cash (cash minus debt) | $-5.18B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $5.08B | $363.0M | $522.0M |
| FY2021 | $11.66B | $270.0M | $1.04B |
| FY2022 | $12.44B | $-1.87B | $-107.0M |
| FY2023 | $11.48B | $-2.59B | $952.0M |
| FY2024 | $11.48B | $263.0M | $607.0M |
| FY2025 | $10.89B | $-361.0M | $256.0M |
Valuation snapshot
| Market value | $24.14B |
|---|---|
| P/E ratio | — |
| Dividend yield | 1.69% |
Rank among 1514 US companies
Market value at each year end
International Flavors & Fragrances’s market value went from $38.35B at the end of 2021 to $24.14B on Nov 2, 2026, down 37%; since the end of 2025 it is up 40%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $24.14B | +39.9% |
| 2025 | $17.26B | -20.2% |
| 2024 | $21.62B | +4.6% |
| 2023 | $20.67B | -22.7% |
| 2022 | $26.73B | -30.3% |
| 2021 | $38.35B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| IFF price data to Nov 2, 2026 | +42.7% | +53.6% | +13.3% | -5.6% | -0.8% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +42.7% |
| 2025 | -18.4% |
| 2024 | +6.3% |
| 2023 | -19.5% |
| 2022 | -28.4% |
| 2021 | +41.5% |
| 2020 | -13.3% |
| 2019 | -1.7% |
| 2018 | -10.1% |
| 2017 | +32.0% |
| 2016 | +0.4% |
| 2015 | +20.2% |
| 2014 | +19.9% |
| 2013 | +31.6% |
| 2012 | +29.7% |
| 2011 | -3.8% |
| 2010 | +38.0% |
| 2009 | +42.5% |
| 2008 | -36.7% |
| 2007 | -0.3% |
| 2006 | +49.7% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 49.3% over that stretch · deepest drop along the way 53%, back to its old high 16.8 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 29.8% over that stretch · deepest drop along the way 29.8%, back to its old high 1.5 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 41.9% over that stretch · deepest drop along the way 42.1%, not recovered by the end of the data |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 2 open-market purchases ($20.3M) and 3 sales ($1.3M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Jun 1, 2026 | Paul J Fribourg Director | buy | $19.3M |
| Jun 1, 2026 | Paul J Fribourg Director | buy | $1.0M |
| Aug 6, 2026 | Michael DeVeau EVP, CFO | sell | $755K |
| Aug 17, 2026 | Teles de Mendonca Ana Paula President, Scent | sell | $476K |
| Aug 7, 2026 | Marc Birenkrant Controller & CAO | sell | $85K |
Who owns it
Large shareholders (13G filings)
| Dodge & Cox | 13.7% | Jun 30, 2025 |
| Winder Pte. Ltd. | 9.9% | Dec 31, 2024 |
| Vanguard Capital Management | 7.37% | Mar 31, 2026 |
| BlackRock, Inc. | 7% | Mar 31, 2025 |
ETFs with the most weight in IFF
| MVAL VanEck Morningstar Wide Moat Value ETF | 4.2% |
| RSPM Invesco S&P 500 Equal Weight Materials ETF | 3.76% |
| FPAG FPA Global Equity ETF | 3.71% |
| IYM iShares U.S. Basic Materials ETF | 2.89% |
| XLB Materials Select Sector SPDR Fund | 2.59% |
| MOAT VanEck Morningstar Wide Moat ETF | 2.41% |
| MOTE VanEck Morningstar ESG Moat ETF | 2.23% |
| ABEQ Absolute Select Value ETF | 1.86% |
What could go wrong
- Antitrust investigations and class action lawsuits. IFF faces ongoing antitrust and competition investigations, plus related class action lawsuits. The outcomes are uncertain. Fines, settlements or legal costs could hurt profits and the company's reputation.
- Possible tax bill from the DuPont deal. IFF warns that a past deal with DuPont, which it calls the N&B Transaction, could create a large tax liability. IFF may also have to cover any such tax charged to DuPont.
- Heavy debt load. Total debt was about $5.75 billion, against $569 million of cash, as of June 30, 2026. The 10-K warns this debt could limit dividends, buybacks and investment, and hurt credit ratings.
- Portfolio overhaul may not deliver. IFF is reshaping its portfolio and sold Pharma Solutions and its nitrocellulose business in May 2025. If planned deals, partnerships or restructuring fail to close or fall short, results could suffer.
- Raw material costs and supply disruptions. IFF buys about 20,000 raw materials, many from crops, flowers and other natural sources. Tariffs, trade wars, natural disasters and higher energy and transport costs could disrupt supply or squeeze profit margins.
- Currency swings abroad. Sales in the U.S. were only about 28% of the 2025 total. When foreign currencies weaken against the dollar or are devalued, sales and profits earned abroad shrink once converted into dollars.
Recent events
- Investor presentation or announcement
- Quarterly results released; Other company announcement
- Major agreement signed; New debt or financial obligation
- Major agreement signed; Other company announcement
- Quarterly results released
- Shareholder vote results
- Quarterly results released
- Quarterly results released
- Bylaws or fiscal year changed
For income and retirement investors
IFF pays a dividend, but the payment has shrunk. Dividends per share rose slowly from $3.04 in 2020 to $3.24 in 2023. They were then cut to $1.60 in 2024 and stayed there in 2025. The yield was 1.76% as of October 28, 2026. IFF posted a net loss in 2025, so earnings did not cover the payout. The $409 million it paid equaled about 160% of free cash flow (the cash left after running and investing in the business). Buybacks were small: $38 million from FY2021 to FY2025, against $3.2 billion in dividends.
The shares have also fallen hard in downturns. They dropped 53% in the 2008 financial crisis and did not recover until April 2010. In the 2020 COVID crash they fell 29.8% and recovered by May 2020. In the 2022 bear market they lost 42.1% and had not regained that peak as of October 28, 2026. A single stock carries more risk than a diversified fund.
Questions investors ask
How does IFF make money?
IFF makes money by selling ingredients to other manufacturers, not to shoppers. It develops and produces flavors, fragrances, food ingredients, enzymes, cultures and probiotics. These end up in foods, drinks, perfumes, detergents, supplements and animal nutrition products. Sales were $10.89 billion in 2025. Food Ingredients was the biggest segment at 30.1% of sales. Taste and Scent followed at 22.8% each, then Health & Biosciences at 21%. No single customer accounted for 10% or more of sales.
Did IFF cut its dividend?
Yes. IFF cut its dividend per share from $3.24 in 2023 to $1.60 in 2024 and paid $1.60 again in 2025. Before the cut, it had made small yearly increases from $3.04 in 2020. The yield was 1.76% as of October 28, 2026. In 2025 the company paid $409 million in dividends, which was more than its $256 million of free cash flow. Its 10-K lists its ability to declare and pay dividends as a risk factor.
Is IFF profitable?
No, not in 2025. IFF posted a net loss of $361 million, or $1.41 per diluted share, as sales fell 5.2% to $10.89 billion. It also lost money in 2022 and 2023, with net losses of $1.87 billion and $2.59 billion. In between, it earned $263 million in 2024. In the quarter ended June 30, 2026, it reported net income of $50 million on revenue of $1.95 billion.
How much debt does IFF have?
IFF had about $5.75 billion of total debt and $569 million of cash and investments as of June 30, 2026. That left net debt of about $5.18 billion. Shareholders' equity was about $13.98 billion. The company's 10-K warns that its debt could limit its ability to return cash to shareholders, invest in the business and protect its credit ratings. A June 23, 2026 filing reported a new debt or financial obligation.
How has IFF stock performed over the long term?
Weakly over long periods, though the shares rebounded sharply in the 12 months to October 28, 2026. As of that date, the price was up 42.9% over one year and 36.7% year to date. But it was down about 30% over five years and about 14% over ten years. The stock fell 28.4% in 2022, 19.5% in 2023 and 18.4% in 2025. These figures are based on the share price alone.